The most basic example of a partnership is a general partnership, in which two or more parties share in the profits and losses of a company. The split between partners can be at any percentage point, with the percent owned determining the exact amount of the profit or liability retained.
Partnerships are the most common types of multi-owner businesses in existence. To enter into a partnership, the parties involved must agree to a partnership split according to what each partner brings to the business. A partner may contribute funds, skills, property or anything else of accepted value in exchange for ownership.
The greatest advantage to a partnership is its simplicity. Earnings are split according to the partnership split, and taxes are paid by the individual parties based on each one's split of those earnings. Partnerships are also easy to set up, requiring only that an agreement be made between the partners.
The greatest disadvantage to a general partnership is one of liability. With a general partnership, the partners have unlimited liability for all debts of the business. This means that personal wealth outside of the business assets is in danger from collections if debts are unpaid. Even should the partnership dissolve or go bankrupt, the debts of the partnership can still be collected from the personal assets of any of the partners.Learn More
Tactical planning is the process of outlining business plans for the coming year. This differs from strategic planning as strategic planning encompasses longer-term goals that reflect the company’s direction and its purpose outlined in its mission statement. Mid-level managers handle tactical planning by establishing actionable goals that support the strategic plan.Full Answer >
A numerical file system is a system based on ordering by an increasing succession of numbers. Medical offices, libraries and other locations often use numerical systems for filing.Full Answer >
An activity hazard analysis is a report that includes injury and illness programs directly related to supervision quality, understanding of work hazards, a properly trained workforce, and a safe work environment and practices, according to the Canadian Centre for Occupational Health & Safety. Supervisors have the responsibility of teaching employees the methods of working on projects when hazards must be avoided.Full Answer >
Appropriate wording for inviting others to a business lunch varies depending on the purpose of the lunch and intended audience, but should include basic information, such as the reason for the lunch, important issues to be discussed and time and location of the event. Asking others to lunch is a common theme in many businesses and serves as a way to create unity among coworkers, opportunity to get to know potential clients and plan strategic actions with business managers. Lunch invitations can be formal or informal and are formatted based on the person or company hosting the lunch as well as the intended recipient.Full Answer >